The Authority possesses all powers of a body corporate necessary and convenient to accomplish the purpose of this Act, including without limitation the following:
        (1) to enter into loans, contracts, agreements, and
    
mortgages in any matter connected with any of its corporate purposes and to invest its funds;
        (2) to sue and be sued;
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Terms Used In Illinois Compiled Statutes 70 ILCS 508/25

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

        (3) to employ agents and employees necessary to carry
    
out its purposes;
        (4) to have, use, and alter a common seal;
        (5) to adopt all needful ordinances, resolutions,
    
by-laws, rules, and regulations for the conduct of its business and affairs and for the management and use of the projects developed, constructed, acquired, and improved in furtherance of its purposes;
        (6) to designate the fiscal year for the Authority;
        (7) to accept and expend appropriations;
        (8) to have and exercise all powers and be subject to
    
all duties usually incident to boards of directors of corporations;
        (9) to acquire, own, lease, sell, or otherwise
    
dispose of interests in and to real property and improvements situated thereon and in personal property necessary to fulfill the purposes of the Authority;
        (10) to engage in any activity or operation that is
    
incidental to and in furtherance of efficient operation to accomplish the Authority’s primary purpose;
        (11) to acquire, own, construct, lease, operate, and
    
maintain within its corporate limits terminals and terminal facilities and to fix and collect just, reasonable, and nondiscriminatory charges for the use of those facilities;
        (12) to collect fees and charges in connection with
    
its loans, commitments, and services;
        (13) to use the charges and fees collected as
    
authorized under paragraphs (11) and (12) of this Section to defray the reasonable expenses of the Authority and to pay the principal and interest of any revenue bonds issued by the Authority;
        (14) to use ground water resources of Will County;
    
and
        (15) to borrow money and to issue revenue bonds,
    
notes, or other evidences of indebtedness as provided in Section 35 of this Act to evidence the obligation of the Authority to repay the borrowings.
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